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UPI Transactions Surge in October, Boosted by Digital Adoption and New Limit Adjustments

Supriya Biswas
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UPI Transactions Surge in October, Boosted by Digital Adoption and New Limit Adjustments

Unified Payments Interface (UPI) recorded a notable increase in transaction activity from September to October 2024, with transaction volume climbing to 16.58 billion, marking a 10% growth from September’s 15.04 billion transactions, as reported by the National Payments Corporation of India (NPCI).

Transaction value saw a corresponding 14% rise, reaching Rs 23.50 lakh crore in October, compared to Rs 20.64 lakh crore in September. This growth reflects a year-over-year increase of 45% in transaction count and 37% in transaction value, driven by expanding digital payment adoption.

The average daily transaction volume also grew, moving up from 501 million in September to 535 million in October, with the daily transaction value increasing to Rs 75,801 crore from Rs 68,800 crore the previous month.

In September’s market share overview, PhonePe led the UPI sector with a 48% share of transaction volume, followed by Google Pay at 37.4%, and Paytm at 7%. Data for October is yet to be published, but recent developments could impact these numbers: the NPCI recently approved One97 Communications Limited, Paytm’s parent company, to onboard new users, positioning the company for possible market share growth.

Additionally, the NPCI has raised transaction limits, with a cap increase to Rs 5 lakh for select UPI payments, along with revised limits for UPI Lite Wallet and UPI 123Pay. These adjustments aim to promote digital transaction adoption, aligning with the Indian government’s vision of achieving 1 billion transactions per day by 2026-27.

Ola Electric Gains 30% Market Share in October Amid Festive Surge

Supriya Biswas
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Ola Electric Gains 30% Market Share in October Amid Festive Surge

After several months of decline, Ola Electric made a significant comeback in October as its market share in the electric two-wheeler sector rose to 30%. This uptick came during the festive season, bolstering the company’s sales performance.

Data from Vahan revealed that Ola Electric sold 41,605 units in October, marking a 68% increase from September’s 24,726 units. This growth pushed Ola’s market share up to 30% in October from 27% in the previous month, though it remains lower than its peak shares of 32% in August, 39% in July, and 49% in June.

In October 2024, the Indian electric two-wheeler market saw total sales of 139,031 units. Ola Electric led the market with 29,890 units, closely followed by TVS Motors at 28,188 units, Bajaj Auto with 15,984 units, Ather Energy at 7,309 units, and Hero MotoCorp with 7,137 units.

Despite its growth, Ola Electric has faced scrutiny from authorities. Earlier this month, the Central Consumer Protection Authority (CCPA) issued a show-cause notice to the company for alleged consumer rights violations, including misleading advertising and unfair practices. Ola Electric responded by resolving nearly all after-sales complaints filed with the CCPA. However, an investigation by the Department of Consumer Affairs is underway to verify these claims.

Public attention on Ola also intensified due to customer complaints and an online interaction between CEO Bhavish Aggarwal and comedian Kunal Kamra.

On the financial front, Ola Electric’s Q1 FY25 results reflected a modest 2.8% revenue growth, bringing in Rs 1,644 crore, up from Rs 1,598 crore in Q4 FY24, and a 16.6% reduction in losses to Rs 347 crore. Nevertheless, the company’s stock is trading at Rs 80, nearly 50% down from its mid-August high of Rs 157.53, as the market anticipates Q2 results.

This steady climb in sales suggests Ola Electric is working to regain its previous momentum in the electric two-wheeler sector while addressing regulatory concerns.

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Bipin Shah Debuts Zeropearl: A Micro-VC with a Founder-First Investment Model

Supriya Biswas
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Bipin Shah Debuts Zeropearl: A Micro-VC with a Founder-First Investment Model

Bipin Shah, previously the managing partner at Titan Capital, has launched Zeropearl, his new micro-venture capital firm, aimed at supporting founders at the earliest stages. According to Shah’s LinkedIn announcement, Zeropearl operates with a distinct “founder-only” approach, focusing on providing crucial early backing for startups.

Zeropearl intends to lead funding rounds at the friends & family or pre-seed stages, particularly targeting Consumer (D2C/B2C) and SaaS/GenAI sectors. For SaaS startups, Zeropearl is willing to invest pre-revenue, while consumer-oriented businesses are expected to show a monthly revenue benchmark of Rs 1 lakh.

The firm prioritizes efficiency, with decisions finalized within a week, and investments expected to close within a month. Zeropearl aims to invest in 12-15 carefully selected startups annually, seeking an 8% stake in each.

Alongside funding, Zeropearl will actively support growth and prepare companies for a robust Series A round within 15 months. While Shah notes that 80% of investments will follow these guidelines, Zeropearl is prepared to adapt to evolving market trends.

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Whatfix Achieves Rs 306 Crore in Revenue from the US for FY24, Reduces Losses by 20%

Supriya Biswas
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Whatfix Achieves Rs 306 Crore in Revenue from the US for FY24, Reduces Losses by 20%

Digital adoption platform Whatfix has reported a remarkable growth of 49.1% for the fiscal year ending March 2024, alongside a significant 20% reduction in year-on-year losses.

According to its consolidated financial statements filed with the Registrar of Companies, Whatfix’s revenue from operations climbed to Rs 424.58 crore, up from Rs 284.74 crore in FY23. This growth can be attributed to an expansion of services, particularly in international markets. Additionally, the company recorded a non-operational income of Rs 20.77 crore, resulting in a total income of Rs 445.36 crore for FY24.

Whatfix primarily generates revenue through software subscriptions and professional services that allow customers to effectively use its hosted platform throughout their contract periods. These services are offered on a subscription basis.

The United States emerged as Whatfix’s largest revenue source, accounting for 72.13% of its total earnings. Revenue from the US surged by 77.4%, reaching Rs 306.23 crore in FY24 compared to Rs 172.66 crore in the previous fiscal year. Revenue from Europe was reported at Rs 90.61 crore, while the Middle East contributed Rs 6.89 crore during the last fiscal period.

In line with its growth, Whatfix’s expenses also rose, with employee benefits making up the largest portion at Rs 450.65 crore. Other significant expenses included Rs 230.55 crore in operational costs, reflecting a 27% year-on-year increase. However, finance costs saw a significant decline of over 79%, totaling Rs 31.1 crore due to reductions in certain liability expenses.

Despite a substantial increase in scale, Whatfix managed to decrease its losses by 20%, bringing them down to Rs 262.63 crore. This decline in losses, coupled with revenue growth, underscores the company’s strategic emphasis on cost efficiency and revenue-generating services. The adjusted bottom line also benefitted from the absence of specific one-time costs that had previously affected financial results in FY23.

In September, Whatfix secured $125 million in a Series E funding round led by Warburg Pincus, with participation from SoftBank Vision Fund 2. Following this, the company announced a $58 million employee stock buyback program, marking the second-largest ESOP buyback of 2024, just behind Swiggy’s $65 million buyback.

Founded by Khadim Batti and Vara Kumar, Whatfix has raised over $265 million to date, with its valuation nearing $900 million as it approaches unicorn status.

Marico Reports Impressive 105% Surge in Profit Amid Lower Ad Expenditure in Q2 FY25

Supriya Biswas
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Marico Reports Impressive 105% Surge in Profit Amid Lower Ad Expenditure in Q2 FY25

Marico has reported a remarkable standalone profit of ₹529 crore for Q2 FY25, marking a significant 105% year-on-year increase. The company’s profit also rose by 70% compared to the previous quarter.

In a notable shift, Marico has scaled back its advertising and sales expenditures in the second quarter, with standalone ad spending recorded at ₹117 crore—down from ₹139 crore in the same quarter of the previous fiscal year.

The standalone revenue from operations reached ₹1,860 crore, an increase from ₹1,791 crore, while total income climbed to ₹2,162 crore, up from ₹1,826 crore year-on-year.

According to the quarterly earnings report, Parachute Coconut Oil remains a major contributor, accounting for 33% of domestic revenue, followed by Value Added Hair Oils at 20% and Saffola Edible Oils at 18%.

Marico noted that its domestic segment continues to experience positive volume growth, driven by robust trends across both established and new product lines. The company also highlighted that demand trends have remained stable, with rural markets growing at double the rate of urban areas year-on-year.

Furthermore, Marico’s international business has shown sustained strength across all key markets, supported by solid fundamentals and promising growth potential.

The company expressed optimism, stating, “The encouraging demand trends observed in the first half of the year suggest a positive trajectory for the second half. Factors such as the above-average monsoon, government budget allocations aimed at boosting the rural economy, and the upcoming festive season are expected to contribute positively.”

Alphabet Reports Stellar Q3 Performance: $88.3 Billion Revenue Boosted by Google Ads and AI Innovation

Supriya Biswas
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Alphabet Reports Stellar Q3 Performance: $88.3 Billion Revenue Boosted by Google Ads and AI Innovation

Alphabet Inc., the parent entity of Google, surpassed Wall Street projections in its Q3 2024 earnings announcement, achieving a remarkable revenue of $88.3 billion, which reflects a 15% increase from the previous year.

A significant portion of this revenue came from Google’s core advertising segment, which contributed an impressive $65.9 billion. The company also reported a net income of $26.3 billion, translating to earnings per share (EPS) of $2.12, both figures exceeding analysts’ forecasts.

YouTube, a vital element of Alphabet’s growth strategy, generated ad revenue amounting to $8.92 billion, reinforcing Google’s expanding presence in the video platform sector.

CEO Sundar Pichai highlighted the company’s strides in artificial intelligence (AI), stating, “Our dedication to innovation and sustained investment in AI are yielding benefits for both consumers and partners through our advanced tools.”

This development holds particular significance for India’s rapidly growing digital advertising market, where Google’s latest AI-driven advertising solutions for Search and Cloud demonstrate its commanding position. As competition within India’s digital advertising space escalates, Google’s emphasis on enhancing user engagement through AI presents fresh opportunities for brands looking to utilize predictive insights and data-driven marketing strategies.

Alphabet’s impressive financial results have positively influenced its stock performance, indicating strong market confidence in Google’s long-term vision for AI. Nonetheless, the company is contending with increased competition from industry players like Meta and faces scrutiny from a prominent antitrust lawsuit in the U.S. Despite these obstacles, Google’s vigorous growth underscores its leadership in search and programmatic advertising, especially in India, where advertisers are increasingly seeking optimized returns on their advertising investments in an ever-evolving digital economy.

Route Mobile Concludes Route Amplify 2.0: A Visionary Gathering on AI, Security, and the Future of Digital Engagement

Supriya Biswas
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Route Mobile Concludes Route Amplify 2.0: A Visionary Gathering on AI, Security, and the Future of Digital Engagement

Route Mobile Limited‘s Route Amplify 2.0, held in partnership with CNBC-TV18 on September 27, 2024, wrapped up with dynamic discussions that captivated industry leaders and innovators from around the world. The event focused on pivotal themes such as artificial intelligence, customer engagement, and security, underscoring the necessity of adopting digital solutions to enhance customer experiences. The conclave left participants buzzing with new ideas about the evolution of digital communication and the significance of AI in ensuring security.

The evening commenced with Milind Pathak, EVP of Product and Marketing at Route Mobile, who set an inspiring tone for the event. His keynote speech emphasized the importance of embracing innovation and challenging conventional practices in both communications and commerce. “With Route Amplify 2.0, it’s evident that the future is upon us!” he declared.

Adding to the excitement, a fireside chat featuring Rajdip Gupta, MD & Group CEO of Route Mobile, revealed the company’s new strategic initiatives following a groundbreaking partnership with Proximus Group. This collaboration, along with integrations with Telesign, is poised to redefine secure customer engagement on a global scale. Gupta stated, “Our vision is clear: to emerge as a global leader in digital communications, and we’re taking significant strides to achieve that goal.”

Keynote addresses by prominent partners, including Arzan Singpurwalla from WhatsApp for Business, Dr. Bishwajit Mohapatra from Amazon Web Services, and Abhinav Jha from Google, highlighted critical trends in Conversational Engagement, the application of Gen-AI for enhancing customer experiences, and the creation of safer brand interactions.

Rashesh Shah, Chairman of Edelweiss Group, enriched the discourse with insights on the transformation of communication in the digital era. He remarked, “AI is revolutionizing customer interaction by not only responding to inquiries but also anticipating their needs. The challenge lies in effective implementation while complying with governance standards.”

A notable panel discussion followed, featuring industry leaders such as Anjani Rathor from HDFC Bank, Kiran Komatla from Restaurant Brand Asia, Vivek Srivastava from PWC India, and Tushar Agnihotri from Route Mobile. They explored the ‘Rapidly Evolving Landscape of Customer Engagement,’ leaving attendees hungry for further knowledge.

The evening took an inspiring turn with sports icon Saina Nehwal, a Padma Bhushan and Khel Ratna awardee, sharing her journey of resilience and determination, motivating everyone present.

As the event progressed, another insightful panel discussion emerged, concentrating on ‘the influence of generative AI in reshaping customer experiences.’ Leaders like Sanjay Tiwari from HDFC Life, Vivette D’Cruz from Deloitte, and others shared visionary strategies illustrating how businesses are leveraging AI to enhance customer engagement dramatically.

Sumiit Zawar, VP of Marketing at Route Mobile, showcased real-world success stories from partner brands that highlighted innovative projects, including Billeasy’s groundbreaking WhatsApp Metro eTicketing initiative, Entri App’s impactful educational contributions, Sapphire Foods India Limited’s rise in customer footfall through WhatsApp & VoicEX, and Paisabazaar’s customer acquisition strategy driven by RCS. These examples demonstrated how Route Mobile’s advanced digital solutions are yielding tangible results for businesses.

Route Amplify has reaffirmed its position as a pivotal platform for steering the future of communication. With the unveiling of new innovations and partnerships, Route Mobile and its collaborators are poised to continue leading the charge into the future of customer engagement, security, and digital identity. Stay tuned—the revolution is just beginning!

Dabur India Reduces Q2 Ad Spending by 5% as Net Profit Dips 17%

Supriya Biswas
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Dabur India Reduces Q2 Ad Spending by 5% as Net Profit Dips 17%

In Q2 FY25, Dabur India cut its advertising and promotional spending by 5%, reducing expenses to Rs 164.87 crore for the period between July and September 2024, compared to Rs 173 crore spent in the same quarter last year. This strategic adjustment comes as the FMCG giant faces a 17% year-on-year drop in net profit, amounting to Rs 425 crore, alongside a 5% decline in revenue to Rs 3,029 crore.

CEO Mohit Malhotra shared an optimistic outlook, noting the company’s focus on reviving consumer demand in both urban and rural markets. “We are aiming to solidify our market position through investments in expanding our rural footprint and introducing consumer-focused innovations,” he stated.

In addition, Dabur declared an interim dividend of Rs 2.75 per equity share, equivalent to 275%, for the fiscal year 2024-25. The company also announced the acquisition of Ayurvedic hair care brand Sesa Care Private Limited, valued between Rs 315-325 crore. Dabur will acquire a 51% stake for Rs 12.59 crore, with plans to extend a corporate guarantee for Sesa’s existing debt. The acquisition is anticipated to conclude within the next 15-18 months.

This strategic combination of investment and cost efficiency reflects Dabur’s approach to navigating current market challenges while laying the groundwork for growth in emerging segments.

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Country Delight Secures ₹200 Crore Debt Financing from Alteria Capital to Fuel Expansion

Supriya Biswas
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Country Delight Secures ₹200 Crore Debt Financing from Alteria Capital to Fuel Expansion

Country Delight, the Gurugram-based direct-to-consumer dairy and daily essentials brand, has secured ₹200 crore in venture debt from Alteria Capital to support its growth. This funding includes ₹140 crore, received across two tranches in May and August, as well as a recent equity raise of $20 million earlier this year.

The newly acquired funds are designated to bolster Country Delight

’s expansion plans, enhance production capacity, and amplify brand marketing efforts. “Our focus on financial efficiency and diversified capital sources aligns with our larger strategy to scale up operations as we move towards an IPO,” shared Chakradhar Gade, co-founder and CEO of Country Delight.

Founded by Gade and Nitin Kaushal, Country Delight offers a wide range of dairy products, bakery items, poultry, and fresh farm produce. With direct sourcing from dairy farms, the company now caters to over 1.5 million customers across 15 major cities, including Delhi NCR, Mumbai, Bengaluru, Jaipur, Chennai, and Pune.

According to data from TheKredible, the company is inching closer to unicorn status with a valuation of approximately $820 million from its last equity funding. To date, it has raised around $200 million in total.

Country Delight reported a robust revenue increase, reaching ₹1,380 crore in FY24, compared to approximately ₹900 crore in FY23 and ₹542.6 crore in FY22, according to The ARC. Meanwhile, competition in the dairy sector intensifies with companies like Stellapps, Akshayakalpa, Sid’s Farm, Milky Mist, and Otipy vying for market share.

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Easy Home Finance Poised for Rs 210 Cr Funding Led by Claypond Capital and SMBC Asia

Supriya Biswas
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Easy Home Finance Poised for Rs 210 Cr Funding Led by Claypond Capital and SMBC Asia

Mumbai-based home financing company Easy Home Finance is securing Rs 210.35 crore in fresh capital in a round led by Ranjan Pai’s Claypond Capital, with additional support from SMBC Asia. This marks Easy Home Finance’s first fundraising event since its Series A round in September 2023, where it raised approximately $8 million.

In a recently passed resolution, Easy Home Finance’s board approved the issuance of 12,730,960 equity shares at Rs 165.23 each, amounting to Rs 210.35 crore, as per regulatory disclosures.

Claypond Capital is contributing Rs 150.5 crore as the lead investor, followed by SMBC Asia Rising Fund’s Rs 48.75 crore. Additional contributions of Rs 5 crore each are being made by SVS Trust (IV) and Aart Corporate Advisors.

Claypond Capital, headed by Ranjan Pai from the Manipal group, is known for its investments in notable startups such as HealthifyMe, Aakash Institute, Bluestone, PharmEasy, and Purplle, among others.

Specializing in home loan disbursement and services that support property discovery, renovation, and relocation, Easy Home Finance has facilitated loans worth over Rs 500 crore for 5,000 families through third-party partnerships.

Based on an internal analysis, Easy Home Finance’s post-money valuation is expected to reach approximately Rs 1,010.36 crore.

Once the transaction is finalized, Claypond Capital will hold a 14.90% stake, with SMBC Asia and SVS Trust (IV) securing stakes of 4.80% and 1.02%, respectively.

In FY24, Easy Home Finance’s revenue from operations increased over 90%, reaching Rs 63.73 crore compared to Rs 33.38 crore in the previous fiscal year. Profits rose by 10.8%, reaching Rs 5.23 crore for the fiscal year ending March 2024.

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